Gold got little respite from all the bad news surrounding it Thursday, with the price of the precious metal crunching to near a five-and-a-half-year low and two separate analysts telling CNBC that there was little reason to add it to an investment portfolio.
Shaun Port, the chief investment officer at the online investment management company Nutmeg, highlighted that central banks were no longer thirsty for bullion and predicted a hefty fall in price.
"I think there's much further downside for gold from here, potentially through the $1,000 (level) and back to the pre-crisis levels of the sort of $700 or $800 (level)," he told CNBC Thursday.
Ramin Nakisa, a global asset allocation strategist at UBS, had similar feelings, telling CNBC Thursday that gold would be hit by rising global interest rates and no longer had any safe-haven appeal.
"It's a wasting asset...typically when you saw a little crisis like Greece you would see gold rally. That doesn't happen anymore," he said.
"We're fairly bearish."
Bullion lurched lower by around 1 percent in morning trade on Thursday after a statement by the U.S. Federal Reserve the previous day which added to the consensus interest rate hike was soon coming. Gold - seen as a hedge against inflation - has risen strongly during recent years when the Fed was more accommodative and provided extra liquidity to the U.S. economy.
The commodity was trading at $1,085 per ounce at 11 a.m. London time on Thursday and has sunk 8 percent year-to-date. It still remains over 40 percent lower from a peak seen in September 2011.
There might be more than enough pessimism on the previous metal within the investment community, but